The Costco Anywhere Visa® Business Card by Citi is a versatile business credit card that rewards cardholders with significant cashback opportunities, especially for businesses with frequent fuel, restaurant, travel, and Costco purchases.

This card, exclusive to Costco members, offers tiered cashback rates with no annual fee, provided the cardholder has an active Costco membership. The main feature of this card is its impressive cashback structure, making it an appealing choice for business owners who spend heavily in specific categories.

Qualification requirements

To qualify for the Costco Anywhere Visa® Business Card by Citi, applicants need to meet certain criteria:

• Costco Membership: Since the card is exclusive to Costco members, applicants must hold a current and active membership.
• Good to Excellent Credit: This card typically requires a good to excellent credit score (usually above 700) for approval. Businesses applying for this card will need to demonstrate creditworthiness.
• Business Verification: Applicants must provide verification of their business, such as tax identification numbers or legal business documentation.

As with any credit application, Citi will conduct a credit check, so it’s beneficial for business owners to ensure their credit report is in good shape before applying.

Benefits

One of the primary attractions of the Costco Anywhere Visa® Business Card by Citi is its robust cashback rewards, tailored to maximize value for businesses with recurring expenses in fuel, dining, and travel. For example, with 4% cashback on gas and EV charging, businesses with vehicle fleets or frequent travel requirements can significantly offset fuel costs. Similarly, 3% cashback on restaurants and travel makes this card advantageous for business owners who frequently meet clients over meals or need to travel.

Additionally, the 2% cashback on Costco purchases provides an incentive for businesses that regularly buy inventory or supplies from Costco, making it both a savings and convenience card. Beyond cashback rewards, the card has numerous protective benefits that enhance its value, including:

• Travel accident and rental car insurance: Ideal for business owners on the road, these coverages provide peace of mind.
• Damage and theft purchase protection: Safeguards purchases made on the card, protecting business owners from unforeseen damages.
• No foreign transaction fees: A significant plus for companies with international operations or frequent overseas travel.

With digital wallet compatibility and contactless payment options, the Costco Anywhere Visa® Business Card by Citi is also highly convenient, allowing businesses to streamline transactions efficiently.

Pros

The Costco Anywhere Visa® Business Card by Citi comes with substantial perks for business owners who make frequent purchases at gas stations, restaurants, and Costco. Here’s a quick summary of its strengths:

• Generous Cashback on Common Business Expenses
• No Annual Fee (with Costco Membership)
• No Foreign Transaction Fees
• Comprehensive Travel and Purchase Protections
• Easy Redemption of Rewards

Pros list

• High 4% cashback on fuel/EV charging purchases, up to $7,000 per year.
• 3% cashback on dining and travel, helping reduce business dining and travel costs.
• 2% cashback on Costco purchases, an advantage for businesses sourcing inventory from Costco.
• 1% cashback on all other purchases, offering rewards even on non-category spending.
• No annual fee, with an active Costco membership, keeping the card cost-effective.

Cons

While the Costco Anywhere Visa® Business Card offers an array of advantages, there are some potential drawbacks to consider. Below are key areas where this card might fall short for some business owners:

• Requires Active Costco Membership
• Limited Redemption Flexibility
• Cap on 4% Fuel Cashback
• High-Interest Rates

Cons list

• Costco membership required, meaning an added cost for those who aren’t already members.
• Annual cashback redemption, which may not suit businesses needing frequent rewards access.
• 4% cashback on fuel capped at $7,000 annually; 1% applies afterward.
• High-interest rates (19.99%–27.99% APR), which may be burdensome for businesses carrying balances.
• Cashback redemption is limited to in-store Costco locations in the U.S. (including Puerto Rico).

How to apply

Applying for the Costco Anywhere Visa® Business Card by Citi is straightforward:

• Ensure Membership: Confirm you hold a valid Costco membership, as this is required for eligibility.
• Online or In-Store Application: Applications can be completed online via the Citi website or at a Costco warehouse location.
• Business Information and Credit Check: Be prepared to provide business information, including tax ID, and personal information for a credit check.

The application process is designed for convenience, with Citi often providing an approval decision in less than a minute. Once approved, cardholders receive access to all benefits and rewards immediately, with the card doubling as a Costco membership ID for ease of shopping.

Is the card worth it after all?

The Costco Anywhere Visa® Business Card by Citi is especially worthwhile for business owners who are already invested in the Costco ecosystem or have frequent spending in specific categories like fuel, travel, and dining.

The card’s significant cashback potential, along with the no-annual-fee structure for Costco members, makes it a competitive option within the business credit card space. For businesses with sizable expenses in these categories, the cashback savings alone can offset costs, and the added travel and purchase protection benefits further increase its value.

However, for businesses that need flexibility in cashback redemption or don’t shop at Costco frequently, this card might not offer as much value. The once-per-year rewards payout could be a downside for some, particularly those who would prefer a more frequent rewards structure.

Conclusion

The Costco Anywhere Visa® Business Card by Citi is an impressive tool for business owners who prioritize Costco shopping and spend heavily on fuel, dining, and travel. Its standout features are the high cashback rates in these specific categories and the absence of foreign transaction fees, which is valuable for businesses with international dealings.

The card’s exclusive benefits, from theft protection to travel insurance, add layers of value beyond just cashback. For Costco loyalists, this card is likely a no-brainer, as it offers tangible financial benefits alongside essential business protections. However, businesses that don’t frequently shop at Costco or need greater flexibility in cashback redemptions may want to compare other options.

Ultimately, the Costco Anywhere Visa® Business Card by Citi can serve as a strategic financial tool to maximize business savings, provided it aligns with the spending habits and needs of the business owner.

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